Uber CEO Travis Kalanick Resigns Under Pressure From Investors

Kalanick's exit came under pressure from Uber's investors, who were seeking his exit, the paper reported citing people with knowledge of the situation.

Uber CEO Travis Kalanick resigns.
(Image: REUTERS/Kim Kyung-Hoon)

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Uber Technologies Inc CEO and co-founder Travis Kalanick resigned as the chief executive officer of Uber as per a New York Times report on Wednesday.

As per the report, Travis Kalanick's resignation comes under pressure from the ride-hailing firm's investors. 5 major investors of Uber, in a letter to the CEO titled 'Moving Uber Forward', expressed their concerns in the current leadership of the company and asked Kalanick to resign from his post as CEO. After consultation with other Uber Board members and investors, Travis Kalanick decided to step down from his post. Kalanick will, however, stay in Uber's Board of Directors.

The ride-hailing company has been suffering from a series of turmoil since the last one year which includes sexual harassment claims by employees of the firm and legal disputes with other firms like Alphabet Inc's Waymo, sparking valid concerns over the leadership of the company.